OCBC opens facility at five petrol stations

OCBC Bank Malaysia has introduced its first offsite physical banking facility, an Easi CheckDrop, at five selected Petronas service stations in the Klang Valley. While not as attractive as having an offsite ATM or automated teller machine, which is currently off limits to foreign banks, OCBC Director and CEO Albert Yeoh said the bank hoped to get a greater volume of transactions as a result of providing greater convenience. This is the first time OCBC has been granted a license to open an offsite physical banking facility. Malaysia’s central bank has been gradually liberalizing the banking sector. Last year, it allowed foreign banks to open another four branches in certain areas, but has restricted them from expanding in other areas as quickly as they would like. (April 26, 2007)